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  "documentTitle": "Lasertec Corporation (6920)",
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  "authorName": "Scorpion Capital",
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  "presentationDate": "2024-06-05 00:00:00",
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  "notes": "The slide uses bulleted expert testimony to build a case against the reliability and adoption success of Lasertec's ACTIS tools at TSMC.",
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      "text": "TSMC is not buying the High NA Lasertec tool...there’s no confidence in my opinion that it will be a reliable product.",
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      "text": "The executive in Japan confirmed TSMC's desire to cover up its problems with Lasertec... The semicap executive was skeptical as to what degree TSMC have succeeded in phasing in Lasertec tools... The executive stated that TSMC and pretty much all customers are struggling... Echoing a theme we detail in a separate section, the expert stated that Lasertec's tool is so unreliable... Some of the most damning color we received about TSMC's experience with Lasertec's tools is from a former longtime TSMC procurement executive...",
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      "kind": "quote",
      "text": "they placed an order, I think, for 10 tools, so they cannot come out with any negative papers [about Lasertec]; even upper management who accepted the purchase order will be put in an awkward situation...TSMC is a very hierarchical company...you don’t want to make any superior people look bad. — TSMC mask shop executive",
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      "text": "6B. Struggles at TSMC (cont'd)",
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